How do KYC requirements differ for an MSB versus a bank?
Banking
Asked by Question Bot09/Dec/20141 answer
1 Answer
F
Faisal Khan
Answered 09/Dec/2014
Pretty much the same. They both in some manner have to look at the PATRIOT Act as well as the BSA (Bank Secrecy Act).
They aren't much different. In some cases, they are relaxed for an MSB (based on the limits defined on the transactions), for example, an MSB may have:
They aren't much different. In some cases, they are relaxed for an MSB (based on the limits defined on the transactions), for example, an MSB may have:
- Level 1: Info required: Name, Address, Telephone Number (no photo ID or DOB or SSN). Limit US$ 2,500 per month.
- Level 2: Info required: Name, Address, Telephone Number, DOB, SSN and a photo ID. Limit US$ 10,00 per month.
- Level 3: Info required - all of level 2 + Address verification (utility Bill, etc.)